MINNETONKA, MINN. — Daniel Trebil of NorthMarq Capital's Minneapolis Regional office has arranged $5.48 million in first mortgage financing for Glen Lake Landing Apartments. Located at 5416 Beacon Hill Road in Minnetonka, the multifamily property offers 97 units. Financing was based on a 10-year term and a 30-year amortization schedule. The loan was funded by AmeriSphere Multifamily Finance LLC.
PHILADELPHIA — NAI Bluestone Real Estate Capital has arranged $3.85 million in permanent financing for a Philadelphia apartment community. Wood Norton Apartments is a historic building containing 24 units that is located in the city's Mount Airy submarket. The non-recourse loan carries a 10-year term with a fixed interest rate below 5 percent. The lender was Fannie Mae and the borrower was Nolen Properties.
BROOKLINE, MASS. — NAI Hunneman has completed the sale of a three-story, 10-unit apartment building located at 1748 Beacon St. in Brookline for $2.12 million. Constructed in 1900, the property contains six studios, three one-bedroom units and one two-bedroom unit. NAI's Carl Christie and Dan McGee represented the seller, 1748 Beacon Street Realty Trust, and procured the buyer, Chlo Pho Realty.
GREENSBORO, N.C. — NorthMarq Capital has arranged $9.5 million in first mortgage financing for Northwinds Apartments. Located in Greensboro, the property offers 332 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. Bill Matone of NorthMarq's Charlotte, N.C., regional office secured the financing through Freddie Mac.
ROCHESTER, N.Y. — NorthMarq Capital has arranged a $19 million first mortgage to refinance a Rochester multifamily community. Greenleaf Meadows Apartments contains 572 units and is located at 500 Greenleaf Road. The loan carries a 10-year term and a 30-year amortization schedule; it was provided by Freddie Mac. Michael Elmore of NorthMarq's Los Angeles office partnered with Sam Berns of the firm's Upstate New York office to arrange the loan. The borrower was not disclosed.
LINCOLN, NEB., AND SIOUX FALLS, S.D. — NorthMarq Capital has arranged $11.8 million in combined first mortgage financing for two multifamily properties in the Midwest. Located at 6201 Normal Blvd. in Lincoln, the 80-unit Chatelaine Apartments received a $4.8 million loan. The 107-unit Foxmoor Phase III, which is located at 5001 W. Equestrian Place in Sioux Falls, received a $7 million loan. John Reed of NorthMarq's Omaha, Neb., Regional office secured the financing.
SEATTLE — Marcus & Millichap has arranged the more than $2 million sale of the 37-unit Sunview Apartments, located at 10245 Des Moines Memorial Drive South in Seattle. Built in 1967, the multifamily property consists of 27 one-bedroom/one-bathroom units and 10 two-bedroom/one-bathroom units. Marcus & Millichap’s Matthew Bohner, Marc Cunningham and Robert Francis represented the private-investor seller in the transaction.
RIVIERA BEACH, FLA. — Continental Real Estate Cos. (CREC) has brokered the sale of Seabreeze Harbor Apartment Homes in Riviera Beach. Situated on more than 40 acres at 2304 N. Congree Ave., the 520-unit complex sold for $14.98 million. The property includes 37 low-rise buildings comprising 412,112 square feet of space. The property was 50 percent occupied at the time of acquisition. The undisclosed buyer plans to renovate, rebrand and reposition the asset. Peter Mekras of CREC represented the undisclosed seller. Charles Foschini of CB RIchard Ellis Capital Markets sourced the buyer's financing for the acquisition. Additionally, Gerald Biondo and Brandon Biondo of Murai, Wald and Biondo provided legal counsel for the seller.
KEY WEST, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground for the development of Florida Keys Community College (FKCC) Student Housing Facility in Key West. The 43,000-square-foot, 100-bed facility is being built under SIKON's $4.8 million contract with Student Suites South Florida LLC. Designed by St. Petersburg, Fla.-based Hayes Cumming Architects, the project, which is FKCC's first student housing facility, is scheduled for completion in August.
CARY, N.C. — Walker & Dunlop has provided a $20.5 million loan for the refinance of Colonial Village Apartments in Cary. Built in 1995, the 319-unit property offers an outdoor swimming pool, a heated indoor swimming pool, a fitness center, tennis courts, sand volleyball courts, a playground, dog walking areas, barbecue grills and an on-site leasing center. The property was 92.4 percent leased at the time of closing. The 7-year term loan has 2 years interest only and a 30-year amortization schedule. The loan was underwritten to a 76 percent loan-to-value with a 1.25x debt-service coverage ratio. Bat Barbara of Medalist Capital originated the loan. Ted Patch and Brendan Coleman led the Walker & Dunlop team in the transaction.